Thompson & Knight: JSW Steel, Liberty Mutual Reach Mid-Trial Settlement Over Hurricane Ike Insurance Claim

HOUSTON, Jan. 26, 2012 /PRNewswire/ -- Attorneys from the global law firm of Thompson & Knight helped negotiate a successful settlement on behalf of JSW Steel USA of Baytown, Texas, in the middle of a Galveston federal district court jury trial over insurance claims related to the Hurricane Ike disaster.

The lawsuit against Boston-based Liberty Mutual Fire Insurance Co. alleged the company failed to properly honor insurance claims filed by JSW Steel for economic damages caused by Hurricane Ike in 2008.

The settlement in JSW Steel v. Liberty Mutual Group, No. 3:10-cv-349, was introduced on Jan. 18, 2012, before Judge Kenneth M. Hoyt of the U.S. District Court for the Southern District of Texas in Galveston. The settlement was announced following five days of jury testimony under confidential terms.

According to court documents, JSW Steel incurred approximately $100 million in business losses caused by Hurricane Ike due to equipment failures, work stoppages and other damage and delays between September and December of 2008. Liberty Mutual contended that policy exclusions barred coverage of JSW Steel's business interruption claims.

"We are pleased that this matter has been settled amicably," says Houston attorney Hunter Barrow of Thompson & Knight, lead trial counsel for JSW Steel. "We are confident that the evidence supported our claims, and we appreciate the jury's time and dedication. The system worked."

Other key members of the Thompson & Knight trial team representing JSW Steel included Shelley Glazer, David White, Scott Stolley, Megan Schmid, and Chris Schaeper.

About JSW Steel

JSW Steel USA produces high-quality carbon plate and pipe and serves shipyards, oilfield fabricators, heavy equipment producers, machinery makers and other companies in the energy and petrochemical markets. JSW Steel USA is affiliated with JSW Steel Limited, headquartered in Mumbai, India, an integrated steel manufacturer, one of the lowest cost steel producers in the world, and the largest private sector steel manufacturer in India in terms of installed capacity. JSW Steel Limited is part of the JSW Group, which has diversified interests in mining, carbon steel, power, industrial gases, port facilities, aluminum, cement and information technology. Incorporated in 1994, it has grown to US $9 billion in just over fifteen years.

About Thompson & Knight

Established in 1887, Thompson & Knight is a full-service firm providing legal solutions to public and private companies, governments, and individuals in all areas, including commercial and tort litigation, finance, banking, securities, mergers and acquisitions, taxation, intellectual property, corporate governance, creditors' rights, real estate, labor, white collar defense, and environmental matters, among others. They are particularly recognized for their depth of experience and capabilities on behalf of clients in the energy industry, both domestically and around the world. Thompson & Knight has approximately 350 attorneys with offices in Texas and New York and international offices and associations in the Americas, North Africa, Europe, and Asia.

For more information, please contact Barry Pound at 800-559-4534 or [email protected].

SOURCE Thompson & Knight